๐๐ฅ๐ฌ๐ฃ๐ง๐ข ๐ฆ๐๐ข๐๐: $๐ฎ๐ฎ๐ฏ๐ ๐ฆ๐จ๐ ๐๐๐๐ ๐๐ซ๐ฃ๐ข๐ฆ๐๐ฆ ๐๐๐๐ช๐ฆ ๐๐ก ๐๐๐๐ ๐ฆ๐๐๐๐ง๐ฌ ๐ก๐๐ง
What Happened?
Sui Network has published an official report explaining the recent Cetus Protocol hack, where over $223 million was drained from the ecosystemโs largest DEX. The hack wasnโt caused by a flaw in Sui itself or its Move programming languageโbut rather, by a math bug in a third-party library used by Cetus.
Is Sui Safe?
Yes, the issue didnโt come from the Sui blockchain or its core design. However, the Sui team admits that the damage to users was still realโand painful. This marks the first major dApp hack on Sui, and the team called it a โdeeply sadโ moment.
Damage Control:
โ๏ธ $162M frozen by the network
โ๏ธ $6M bounty offered to recover stolen funds
โ๏ธ Validators blocked wallets linked to the hack
โ๏ธ $10M invested in boosting security (audits, bug bounties, dev tools)
Security Push:
Sui is now doubling down on smart contract safety by increasing security funding and teaming up with developers to avoid similar disasters. The goal? Turn this into a โlesson learnedโ moment for the entire ecosystem.
Whatโs the Community Saying?
While many praised Sui for acting fast, others raised red flags about centralization. One user warned that if 114 validators can freeze wallets instantly, it may challenge the decentralized nature of the network.
More on the Hack:
Happened on May 22 via a smart contract exploit
$63M moved to Ethereum
Hackers laundered $53M in ETH using a wallet ending in โAF16โ
Price Impact:
SUI is currently trading at $3.49, down 3.07% in the past 24 hours.
Final Thoughts:
This incident reminds us that no blockchain is 100% immune. As attacks rise across crypto in 2025, stronger defenses and smarter development practices are more important than ever.
